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Analyst Chris Kimble likes playing with Dollar airplanes, a pastime that certainly has its ups and downs.
Chris comments: Since its June high, the Dollar has declined to its 50% Fibonacci retracement level as measured from its late 2009 lows.
At the same time a steep falling wedge has taken shape. Earlier today (The Euro-Dollar Pocket Change Spread) I advised selling the inverse Dollar positions that had been owned over the past month.
Now I suggest going long the Dollar ETF (UUP) with a stop at the 50% Fib retracement level. If the Dollar does continue to fall, this is roughly a 2% stop loss on the new position.
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